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Wednesday, August 18, 2010

Wednesday

Market recap:

There was plenty of resistance at the 38% Fibonacci and the fork fit too, so I did not expect Price would push past 1093, but the Bulls pushed the peak to the 50% level near 1100

Today left us with a White Spinning Top, indicating that there is still some indecision but not a reversal pattern so the candles remain long.

I'm not feeling confident enough to say much more.

// end of recap 2010.08.18 //


14:00 ET
These Kumos show support and resistance





13:20 ET
Previous fork placement has proven to be incorrect.
Reassessing leads me to believe 1115 may be the next target


12:57 ET
OK I was wrong...


12:50 ET
Update

11:50 ET
Today's peak

10:30 ET
This first chart shows an hourly view of the forks.
The dark green fork is our current concern.
The upward orange is the fork from March 09.
Until both are broken the major trend remains up.
The yellow box shows the coordinate of the green fork.
I expect Price to bounce off the green fork today near 1082.50.

At this point I expect Thursday to test the top tine of the yellow fork near 1090.
The bears will most likely gain control after that.
Confirmation will come when the green fork is broken - most likely on Monday.

Next week the Orange fork will offer support near 1065-1070
The Daily Kumo will offer weak support next week in this same range. This will be an opportunity for the bears to break through.
The Daily Kijun-sen is currently offering resistance at 1093 along with the Hourly Kumo at 1094.


This Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling contracts, equities or currency.

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